Problem: Module 3 Textbook Problem 15 Learning Objective: 3-11 Differentiate between common and preferred stock Weaver Corporation had the following stock issued and outstanding at January 1. Year 2 : 1. 101,000 shares of $7 par common stock. 2. 5.500 shares of $60 par, 6 percent, noncumulative preferred stock. On June 10. Weaver Comporation declared the annual cash dividend on its 5,500 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders